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Michigan Treasurer: Economic Outlook Gloomy
Posted: 01.09.2009 at 12:23 PM
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(AP) -- State Treasurer Robert Kleine says the economic outlook in Michigan is gloomy, but he sees signs of hope. Kleine met Friday morning with the heads of the Senate and House fiscal agencies to revise revenue estimates. The state is expected to take in less tax money this fiscal year and next because of the recession. Kleine says 2009 will difficult, but that there is optimism things will improve by the end of the year. He says Michigan's budget shortfall is only about 7 percent below earlier projections, while states such as California are facing shortfalls of 30 percent. Gov. Jennifer Granholm and state lawmakers are expected to look for ways to bring down spending this year and next to deal with lower-than-expected revenues.
(Copyright ©2009 by The Associated Press. All Rights Reserved.)